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Issues & Policy
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MFA Updated Response on Proposed Regulation on OTC Derivatives, Central Counterparties and Trade Repositories MFA updated its response to the European Commission’s 2010 Proposal for a Regulation of the European Parliament and of the Council on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR) to reflect MFA’s views on changes made to EMIR as set forth in separate draft texts of the European Parliament and the Council of the European Union. MFA continues to support efforts to promote central clearing and thereby: (i) increase transparency of the derivatives market; (ii) reduce counterparty and operational risk in trading; and (iii) enhance market integrity and oversight. Therefore, these updated views are intended to assist the European Commission in developing further legislative refinements to EMIR, in particular, as they relate to the following issues: (1)Governance of central counterparties; (2)Portability of client positions and assets; (3)Portfolio margining and netting; (4)Real-time clearing; and (5)Segregation of collateral at central counterparties.
January 19, 2012
Topics: over-the-counter derivatives OTC derivatives, European Union, EU, central clearing, transparency, derivatives market, operational risk, market integrity, oversight, European Commission, European Parliament, Council of the European Union, central counterparty, CCP, CCP Boards, risk committees, clearing members, clients, portfolio, margin, full segregation, collateral, defaulting clearing member, contractual relationship, portfolio margining, netting, netting arrangements, counterparty risk, liquidity, European Securities and Markets Authority, ESMA, real-time clearing, automating clearing acceptance, futures, listed equity derivatives, energy swaps, systemic risk mitigation, client collateral, cleared trades, bilateral trades, individual client segregation, CCP default waterfall, client risk mutualization, indirect clearing, Markets in Financial Instruments Directive, MiFID, intermediary broker, third country, third country CCPs, effective equivalent recognition, initial margin, dealer collateral, dealer capital, variation margin, dealer counterparty, OTC derivative contract, financial counterparties, alternative investment funds, AIFs,
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